Yomi Ayeleso
Many traders, business owners, service providers, and others in Ekiti state have continued to reject the old N500 and N1,000 notes despite the supreme court’s judgment.
Nigerian Tribune gathered that many residents of the state are frustrated by the rejection of the old naira notes amidst the growing scarcity of the new notes across major banks in the state.
Investigations by our correspondent revealed that in the markets, filling stations, supermarkets and other business centers, the old N500 and N1,000 notes were not allowed for business transactions.
Also, transporters, including motorcyclists, taxi drivers and interstate drivers, were seen rejecting the old notes from their passengers across the state.
It was gathered that the decision of the traders and business owners in Ekiti state to reject the old notes might not be unconnected with the policy of banks in the state not to collect the old notes as deposit from customers.
Some traders and business owners who spoke with Nigerian Tribune said they would only collect the old notes from residents after clear direction from President Muhammadu Buhari and the governor of Central Bank, Godwin Emefiele.
According to Mrs Joke Ajakaye at the popular Oja’ba market in Ado-Ekiti, she noted that unlike the old N200 notes, which was ordered back to circulation by the president through a nationwide broadcast, that has not been done with the N500 and N1000 notes.
Ajakaye said, ” If you see what we are facing in the banks, you will know it is a risk to collect the old notes from the people because the banks are not accepting the old ones as deposits, so what do you want us to do here?
” I am only collecting transfers from people who don’t have the new N500 and 1,000 notes, that is the situation with me and everybody in the market.”
When reminded on the subsisting verdict of the supreme court, the trader added, ” that is only judgment of the court because last time, President told us to accept old N200 notes and we are accepting it and we expecting to hear from him or CBN before we start collecting the old N500 and N1,000 notes.”
On his part, Uche Chukwu who sells spare parts in the state capital told Nigerian Tribune that the commercial banks are making it difficult for them to accept the old notes from the people.
Chukwu explained that banks are sending people to the CBN to deposit their old notes even after collecting the notes over the counter and the ATMs points.
” You know the problem is the bank because they are not collecting it as deposit. We are waiting maybe the president or CBN will instruct them before we can start collecting from people here.
” Let me tell you that people collected these notes from banks and when it is rejected and return to the bank as deposit, it won’t be accepted again under the space of one hour.”
A commercial driver, Muyiwa Oladele said he won’t collect the old N500 and N1000 notes from passengers until he hears in the news that the president or CBN governor directed otherwise.
” My brother we are in this country together and you know our people. The filling stations that we do buy fuel are not collecting it from us , so how do you want us to collect money that we can’t spend, it is dangerous.
” I will only advise the banks to give us enough new notes and accept the old ones, for us to survive these hardship, ” he said.
A resident, Abimbola Kolade narrated her ordeals when she wanted to spend the old notes in one of the provision shops in her area.
She said, ” I went with old N1,000 to buy a bottle of coke worth N200 and I was surprised when the woman said she won’t give me change from the old notes I gave her. So, I have a choice to buy the coke worth of N200 with old N1,000 note or go back home without the coke.
” Though it was painful, I bought the coke and parted with the old N1,000 notes without collecting any change. That is the problem in our hands.”
A staffer in one of the banks along the popular bank road in Ado-Ekiti, who spoke with Nigerian Tribune on the condition of anonymity said, ” don’t forget we are directly under the CBN not the supreme court and it will be difficult to do what the CBN has not ordered us to do.
” So, we are technically expecting memo from the apex bank before we can do anything substantial in this situation, it is not our fault, people should know that we are responsible to the CBN.”
Worried by this development and the effects on the state’s economy, the state governor, Biodun Oyebanji has pleaded with business owners and residents of the state to accept the old N500 and N1,000 notes as ordered by the supreme court.
The governor in a statement at the weekend by his Special Adviser on Media, Yinka Oyebode, who noted complaints by residents that many business concerns in the state refused to accept the old naira notes as means of transaction, said ” it becomes unlawful for any business owner or service provider to reject the old notes.”
He urged Ekiti people to accept the old naira notes till the December deadline and stay clear of actions that could create hardship for one another.
The Governor appealed to the market women, artisans, transporters, filling stations, supermarket owners, school proprietors and service providers to remain law abiding and accept the old naira notes.
According to him, “This is an appeal to all residents of Ekiti State to abide by the ruling of the Supreme Court, which provides a reprieve for the people by extending the validity date of the old naira notes till December 31st.
“The State Government had joined other states to seek the intervention of the Supreme Court in reversing the new naira policy which the states averred had inflicted excruciating pain and hardship on the people in addition to crippling economic activities.
“As honourable people, what is expected of us is to abide by the ruling of the apex court and continue to accept the old naira notes as means of transactions and not to inflict further hardship on one another by rejecting it.
“This is a special appeal to all the banks to make the naira notes available in all their branches and pay points and to all traders, business owners, service providers, okada riders, drivers, filling stations, gas plants, supermarkets, schools, hospitals, POS operators, to start accepting the old notes forthwith. To do otherwise would amount to defying the ruling of the highest court in the country and thwarting government efforts at reducing the hardship of the people.
“Our Government will continue to explore avenues to make life more meaningful for our people, as we continue to build a more prosperous state.
“In same vein, Government will not hesitate to arrest and prosecute business owners found rejecting the old naira notes.”
He also urged the commercial banks and CBN to make the old and new currencies available in their branches and at their automated teller machines (ATM) points in order to ease the stress residents go through to get money for their daily and commercial needs.
